With all of the misinformation that exists regarding no credit check loans, it is smart to learn the truth. There are certain things that you’ll need to know before looking for one of these loans. While this is a great option for many borrowers, it is still imperative that you not have any misconceptions. The more you find out about this option, the better your chances will be of making it work for you.
- Do some Lenders not run Credit Checks?
All legitimate lenders across the UK run credit checks on applicants. This is an unavoidable fact that you must come to terms with before proceeding. It may comfort you to know, however, that these lenders usually run a soft credit check.
A soft credit check/inquiry will not harm your credit rating at all. You are the only one who will be able to see this on your credit report. The only exception to this is insurance companies and debt settlement firms.
It is important that you find out from the lender whether they run a soft or hard credit check before applying. This will allow you to get the loan you need whilst keeping your credit intact.
- How much can I Borrow?
A no credit check loan such as those offered at Cobra could allow you to borrow as little as £200 or as much as £2,000, depending on which lender you use. This is just one of the things that make these loans a great choice for virtually everyone.
Make sure that you spend some time doing the math so you can determine the precise amount you’ll need to borrow. You’ll always want to avoid borrowing more than necessary. It shouldn’t take very long to make this determination, and it’s definitely worth the effort.
- Can I get a loan if I am Unemployed?
Believe it or not, there are no credit check loan options for those who are currently unemployed. While this can be tricky, it is possible if you were to find the right lender. You will need to prove that you have some form of income that can be used to pay back the loan.
As long as you have job seekers’ allowance or access to a pension fund, you shouldn’t have a problem. You will, however, still need to get enough money together to pay back the loan by the due date the lender sets.
- How long do I have to pay back a No Credit Check Loan?
You could get anywhere from a month to nearly a year to pay back the money you borrowed with a no credit check loan. This is mainly determined by the total amount that you borrow. There is a certain amount of flexibility these lenders have with regards to loan terms.
- Where do I go for a No Credit Check Loan?
You can obtain a no credit check loan from an online-based private lending company. The application process is done online through the company’s website. This is among the many reasons why this type of loan is such a convenient option for borrowers.
- What are No Credit Check Loan Rates like?
Before you can determine what kind of rate you are likely to get with your loan, you’ll need to consider a few key factors. This includes your credit rating, income, and even job history. A lender will look at all of these things before deciding on your rate. You can get the lowest possible rate by comparing quotes obtained online.
- How will I receive my Money?
If your no credit check loan application is approved, the funds will be transferred directly into your current account. This will save you the hassle of driving down to your bank or credit union to cash a cheque.
- When will I know if I am approved?
When you apply for a no credit check loan in the UK, you can expect a response from the lender within 24 hours. It is fairly common to get an answer just two or three hours after you have submitted the application on their website.
- Do I need to send the Lender any Documents?
In some cases it is necessary to send documentation proving your income. You might be required to do this if you receive any disability benefits or job seekers’ assistance.
- Can a No Credit Check Loan Improve my Credit?
If you pay back everything you have borrowed from the lender on time, you’ll find that your credit will actually improve. This might not turn your credit around entirely, but it is a good step in the right direction.
No credit check loans have become an immensely popular option for people looking to borrow significant sums of money. Next time you find yourself in need of quick funds, you should explore these loans before making a decision. There is a good chance that getting this type of loan can help you out in a big way.